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France opposes foreign takeover offer for supermarket chain

PARIS (AP) — France’s government says it opposes the proposed 16.2 billion-euro ($19.6 billion) takeover of French supermarket chain Carrefour by Canadian convenience store group Couche-Tard. Labor Minister Elisabeth Borne said Thursday on radio Europe 1 that she is “opposed to a takeover.” That follows similar comments by Finance Minister Bruno Le Maire who explained that the country’s “food sovereignty” is at stake. Carrefour is Europe’s biggest retailer and the biggest private employer in France, with over 105,000 employees in the country. Under French rules on controlling foreign investment, the government’s approval is required in some strategic sectors, which includes food retail, Le Maire said.

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Associated Press

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